When considering switching to an electric vehicle, many buyers have a similar concern: What will charging look like? Well, the government wants to help you charge your EV for less, offering $1,000 toward an in-home EV charger for qualifying Americans. Here are all the details on the money-saving deal — and why it may not be around much longer.
The scoop
Getting all the needed accessories for your new EV just got a little more affordable thanks to the Inflation Reduction Act. Passed in 2022, the IRA is Congress' most significant clean energy and climate action to date, allocating nearly $370 billion to environmental initiatives. Some of that money can go straight into your pocket when buying and installing an at-home EV charger.
Through the IRA, the government is offering EV owners a tax credit for 30% of the total cost of a personal-use EV charger, including installation and wiring. The government caps the incentive at $1,000, which is more than enough to cover 30% of Tesla's charger and installation cost.
If you haven't yet switched to an electric vehicle, the IRA also offers savings when buying a new EV. Buyers may be eligible for up to $7,500 in tax rebates when purchasing a qualifying EV.
While navigating the fine print of any legislation can be complicated, there is a free online tool that makes claiming these IRA incentives easy. Rewiring America, an electrification nonprofit, has a no-cost online savings calculator to help you identify available tax incentives and discounts, including those related to EVs.
Using Rewiring America's tool is easy — just answer seven simple questions. In less than a minute, you'll see which savings you qualify for. It's that easy.
How it's working
Making the switch to an EV is a key way drivers can lessen their environmental impact. In the U.S., the transportation sector is the single largest source of pollution heating up our planet. Unlike gas-powered vehicles, EVs produce no planet-warming air pollution when driven and don't run on dirty energy sources such as fossil fuels.
Many of the extra costs of owning a vehicle are also lowered — or eliminated — when owning an EV. Experts estimate you'll save around $1,500 per year on gas and maintenance with an EV.
The Environmental Protection Agency reports that wider adoption of EVs would also improve public health, lowering the risk of respiratory irritation, illnesses, and cancers linked to air pollution.
🗣️ If you were going to purchase an EV, which of these factors would be most important to you?
🔘 Cost 💰
🔘 Battery range 🔋
🔘 Power and speed 💪
🔘 The way it looks 😎
🗳️ Click your choice to see results and speak your mind
What people are saying
Making EV chargers both accessible and affordable is crucial to changing perceptions of electric vehicle practicality. A study from Pew Research found that those with access to public EV chargers tend to "view EVs more positively than those who are farther away."
It makes sense: Imagine not knowing where you are going to charge your phone versus having access to a known public charger — or, better yet, an at-home charger.
Making at-home EV chargers more affordable can help make switching to an EV a more practical and appealing option to those looking to buy a car. But not everyone is keen on EVs — or the government's current IRA benefits.
With President-elect Donald Trump set to take office this month, the future of these IRA benefits is uncertain. Trump has pledged to roll back the IRA, aiming to eliminate the rebates and tax credits that promote electric vehicles and clean energy. However, significant changes to the IRA would require an act of Congress.
With such an uncertain future, taking advantage of IRA incentives sooner rather than later could save you thousands.
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